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The History and Economics of Safe Assets
Gorton, Gary B. - 2016
-term safe assets are money or money-like. A long-term safe asset can store value over time or be used as collateral. Human …
Persistent link: https://www.econbiz.de/10012456465
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Good Booms, Bad Booms
Gorton, Gary - 2016
careful examination of collateral. As this examination is more valuable when collateral backs projects with low productivity …
Persistent link: https://www.econbiz.de/10012456665
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International Institutions for Reducing Global Financial Instability
Rogoff, Kenneth - 1999
This paper asks how recent developments in research on banking and sovereign lending can help inform the debate on choosing a new international financial architecture. A broad range of plans is considered, including a global lender of last resort facility, an international bankruptcy court, an...
Persistent link: https://www.econbiz.de/10012471525
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Sovereign Risk and Financial Risk
Gilchrist, Simon; Wei, Bin; Yue, Vivian Z.; Zakrajšek, Egon - National Bureau of Economic Research - 2021
In this paper, we study the interplay between sovereign risk and global financial risk. We show that a substantial portion of the comovement among sovereign spreads is accounted for by changes in global financial risk. We construct bond-level sovereign spreads for dollar-denominated bonds issued...
Persistent link: https://www.econbiz.de/10012696410
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Global Macro-Financial Cycles and Spillovers
Ha, Jongrim - 2020
We develop a new dynamic factor model that allows us to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers...
Persistent link: https://www.econbiz.de/10012479322
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Is Financial Globalization in Reverse After the 2008 Global Financial Crisis? Evidence from Corporate Valuations
Doidge, Craig - 2020
For the last two decades, non-US firms have lower valuations than similar US firms. We study the evolution of this valuation gap to assess whether financial markets are less integrated after the 2008 global financial crisis (GFC). The valuation gap for firms from developed markets increases by...
Persistent link: https://www.econbiz.de/10012481979
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Over The Cliff : From the Subprime to the Global Financial Crisis
Mishkin, Frederic S. - 2010
This paper examines what transformed a significant, but relatively mild, financial disruption into a full-fledged financial crisis. It discusses why, although the Lehman Brothers bankruptcy was a key trigger for the global financial crisis, three other events were at least as important: the AIG...
Persistent link: https://www.econbiz.de/10012462048
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Questions and Answers about the Financial Crisis
Gorton, Gary B. - 2010
repurchase agreements (repo) - short-term, collateralized, agreements that the Fed rightly used to count as money. Collateral for …
Persistent link: https://www.econbiz.de/10012462865
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The "Other" Imbalance and the Financial Crisis
Caballero, Ricardo J. - 2010
the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …
Persistent link: https://www.econbiz.de/10012463014
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Financial Globalization, Financial Crises and Contagion
Mendoza, Enrique G. - 2009
Two observations suggest that financial globalization played an important role in the recent financial crisis. First, more than half of the rise in net borrowing of the U.S. nonfinancial sectors since the mid 1980s has been financed by foreign lending. Second, the collapse of the U.S. housing...
Persistent link: https://www.econbiz.de/10012463217